What are the pitfalls of bad credit personal loans

The industry is plagued by predatory lenders and practices designed to trap vulnerable borrowers. As a borrower with bad credit, the options for loans are limited and usually not very good. Within the available loan option, as a smart borrower be aware of the reigning pitfalls. Be proactive at the beginning of your personal loan journey thus preventing trouble along the way.

Most common pitfalls and scams to stay away from:

Roll over of the loan to another term As many people have difficulty in repaying the loan within a short span of time, the loan usually rolls over for one more term thereby making the original loan more expensive. This may also lead you to a vicious cycle of debt. To avoid this mishap always ensure that you can repay the loan in its entirety on its due date.

Astronomical APR
As a borrower with bad credit, you will be eligible only for pay day style short term loans and they usually have very high-interest rates (ranging from 230% and upwards) leaning on shark loan territory. Ensure to avail these loans only in true emergencies.

Multiple fees structure
Especially online lenders levy a variety of fees like origination fees and various other range of fees. Always read the offer document carefully.

Accreditation
Check if the lending company is accredited by the BBB. The newer online ones are usually not. Many lenders do not offer secured loans.

Add-ons
Expensive insurance add-ons that ensure that the loan is paid back if you die or get disabled, are slipped in by some lenders.

Upfront fees
It is illegal for lenders to charge you fees for just filling up an application form.

Guarantees
Lenders with the intention of scamming the borrower usually advertise approval of a loan without knowing your credit history, income, and personal information. This is not a legitimate lender – stay away.

Uninitiated contact
Another tactic used by illegitimate lenders to lure vulnerable borrowers is by constantly getting in touch through emails and calls. This is another red flag.

Name imitations
Disreputable lenders may use similar sounding names of legitimate lenders. If they have to borrow the reputation of the legitimate lender, it goes to show how unethical their practices are.

Collecting personal information
Please provide your personal information only to reputed companies so as to avoid identity theft and another misuse of data.

Undue pressure
Lenders may use scare tactics to pressurize you into making a deal before having considered all available options.

Featured Products

  • C2G 40304 6' High Speed 4K HDMI Cable with Ethernet
    The C2G 40304 6' High Speed 4K HDMI Cable with Ethernet is the perfect tool for connecting anything from computers to projectors and monitors, home entertainment systems to HDTVs and gaming systems, or any audio video applications requiring high speed...
  • Philips D-Line BDL4550D 98
    The Philips D-Line BDL4550D 98" 4K UHD digital signage display television offers the best viewing experience. Even if you have never used a Philips TV before, there is an essence of familiarity thanks to its Android 8 software. An Android-powered TV...

Featured Blogs

  • 10 Healthiest weight loss recipes
  • Great all in one computers to buy
  • What are the various options in security alarm systems

Recent Blogs

  • 6 Best Online Symptom Checkers

    Various medical studies have highlighted the fact that more than one-third of the adults in the country use the Internet for self-diagnosis on a regular basis. Even though it is always advisable to seek the guidance of healthcare professionals rather than a self-diagnosis, the online symptom checker is excessively popular among the adult population. Here is a list of the best online symptom checkers that are free and publicly available.

    • Symcat – This disease calculator uses records of almost 500,000 patients to reckon the probability of any particular disease. Also, it helps in appointment scheduling along with mapping the nearby emergency care centers. A mobile version of Symcat is also available.
    • AskMD – With the efficient help of AskMD symptom checker app, the patients can successfully maintain an online health profile within a social network called Sharecare.
    • Isabel – This online symptom checker is a diagnosis checklist system tool that offers almost 69% accurate results.
    • iTriage – It is not only a great symptom checker but also an effective health literacy tool. It can offer almost 64% accurate results for symptom checking. With iTriage, patients can manage their health information secretly along with connecting patients to the care options. This online symptom checker is available in a mobile app version as well.
    • Healthline – Highly-skilled medical experts with years of experience in various medical fields and adept writers who can help to reach the diagnosis information to the viewers and users in easily understandable and plain language manage this website.
    • WebMD – One of the most popular symptom checkers that is currently trending in the digital market is WebMD. Along with helping the patients in checking their respective symptoms, this online symptom checker makes sure that the patients get necessary health information that is related to the symptoms. More interestingly, for the physician, the patients can take the printout of the report available on WebMD. You can get this symptom checker in the mobile app version as well.

    Other than the aforementioned popular online symptom checkers, some other options include DocResponse (Provides almost 67% accurate results), Mayo Clinic (Generates almost 59% accurate results), FamilyDoctor (Offers almost 56% accurate results), and HMS Family Health Guide (Provides almost 52% accurate results).

    Even though a lot of online symptom checkers are available in today’s tech-savvy era, the pharmacists should always encourage patients to consult a medical expert or health care professional for an accurate diagnosis and effective treatment.

  • Enjoy motherhood with stylish maternity clothing

    Fashionable women want to maintain their style and fashion statement, during their maternity time as well. Pregnancy is an awesome experience, so women want to enhance their feeling. Wearing the most comfortable clothing is a simple way to enjoy your pregnancy and feel more relaxed. women’s clothes are made of different kinds of fabrics to enhance the wearing experience. Now, you can easily find trendy and fashionable dresses offered by the best brands.

    The high-quality and comfortable dresses are available in different styles, so you can wear them to improve your fashion statement. The stylish clothing looks very stunning. The branded clothes are now available in an array of fantastic colors. It is always smart to wear soothing clothes during your pregnancy. The comfortable clothing ensures that you and your baby are very healthy.

    Get beautiful look;

    The best brand offers fine quality clothing for women. They also help you to live a healthy lifestyle. The new fashionable clothing let you look fabulous forever. If you like to entirely revamp your clothing or add some essentials to your shopping spree, you can prefer womens clothes made of quality and smooth fabrics. The dresses are available in numerous varieties and styles, that will perfectly suit all shopping needs. The branded clothing is available in various materials, price ranges, sizes, colors, and brands.

    By using these options, you can select the right clothing based on your requirements and style. If you have a limited budget, you can prefer the affordable dresses. Women cheap clothes not only save money but also gives you a fantastic chance to look sophisticated and beautiful. The branded dresses also enhance the style quotient and complement the personality of women.

    Enjoy great comfort:

    If you want to show your unique fashions statement, you can prefer the best range of branded and highly attractive dresses. Women S  clothes include some specialized features to give women an awesome and enhanced wearing experience. The branded clothing also provide you some additional benefits, including:

    • You can buy the branded clothing for a woman at a very reasonable price.
    • Let you choose from an amazing range of attractive clothing varieties.
    • You can fill your unique wardrobe with high-quality and branded dresses.
    • The trusted clothing brand include the latest trend in women’s clothes.
    • The durable dresses are now obtainable in numerous colors and designs.
    • The cost of branded clothes is very affordable, that will suit all budgets.
    • These are the major highlights of women’s dresses, which attract many fashionable women and encourage them to pick the branded clothing.
    • The dresses for women are available for every occasion, in all sizes, top quality, color, and trend to suit your requirement.

    Improve your style statement:

    Trend plays a major role in selecting the dresses, so you can consider it before making a buying decision. Women’s clothes that are dirt cheap is an ideal choice for women, who want to save more money on their shopping. These are the features of women’s clothes that make them ideal for pregnant women, who would like to enjoy their motherhood with trendy, fashionable clothing. When you wear branded and comfortable dresses, you can easily make the most splendid fashion statement.

    Many brands now offer top quality women’s clothes with year-long seasonal promotion, so you can choose the best to enjoy additional discounts. Branded dresses are made by from top quality fabrics and awesome designs. Also, the branded dresses are available at a fairly reasonable price, that will surely fit into your budget.

    So all the pregnant women out there, are you ready to enjoy your motherhood with style and grace?

  • The pros and cons of life insurance for seniors

    Life insurance policies are widely offered by most insurance companies to provide death benefits to one’s kith and kin in the event of an untimely death. There are many kinds of life insurance coverage options available for seniors at different rates of premium payable.

    Senior life insurance allows seniors to age and live gracefully without feeling that they will burden their dependents financially. While enabling the maintenance of a particular accustomed standard of living, senior life insurance policies also offer coverage for immediate expenses after the insured dies.

    While the term of most life insurance policies is only valid for a limited period as stated in the policy, they do not possess any other cash benefits. A whole life insurance can be availed without an expiry date and the beneficiaries of the deceased receive death benefits that may often be multiples of the original sum insured without any associated tax liabilities. Also, some kinds of whole life policies are treated like a performing asset as they have an associated cash value. The insured is permitted to sell their life insurance to an investor or even use the insurance policy as collateral when borrowing money for some unexpected expenses when one ages.

    Different senior life insurance policies are available offering a range of coverage options, death benefits, coverage of burial and funeral expenses and so that vary based on the amount to be paid out as premium on the sum insured. Also, most senior life insurance policies would require the applicant to explain the basic eligibility criteria to qualify for the life insurance policy. A better idea of life covers available for senior, and their payments and benefits accruing needs to necessarily be discussed with your insurance or investment advisor. Also, there are ample resources available on the internet offering online life insurance quotes seniors can benefit from. These online quotes are well worth your time and effort to go through before you decide on what kind of senior life insurance policy to opt for.